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TSX-IIP.UN
TORONTO, April 30 /CNW/ - InterRent Real Estate Investment Trust ("the
Company" or "InterRent") today reported the results of its operations for the
twenty-five day period (the "Period") ending December 31, 2006. InterRent Real
Estate Investment Trust began operations on December 7, 2006 after its
reorganization into a real estate investment trust (a "REIT"). Prior to its
reorganization into a REIT, and completion of a Plan of Arrangement with
Silverstone Equities on the same date, its business was conducted under the
name of InterRent International Properties Inc. No prior year comparative data
is provided due to the change in corporate structure and change in fiscal year
end.
Rental revenues for the Period were $952,596, with total expenses of
$1,272,261. Net operating income (NOI) was $390,623 (41%). Of the total
expenses, $233,730 (or 24.5% of rental revenue) was for depreciation,
amortization and non-cash items. Net loss for the Period was $319,665
($0.053/unit). Funds From Operations, a non-GAAP measure of performance used
by real estate companies was $(74,261) ($0.01/unit).
Results of Operations for the Twenty-Five (25) Day Period Ended
December 31, 2006
Revenues $ 952,596
Operating Expenses $ 561,973
Net Operating Income (NOI) $ 390,623
Other Expenses $ 710,288
Net Income/(Loss) $ (319,665)
Net Income/(Loss) per share $ (0.053)
Funds From Operations (FFO) $ (74,261)
FFO per share $ (0.001)
Full and detailed audited financial statements, including Management's
Discussion and Analysis, for the year ending December 31, 2006 is available
for viewing at www.sedar.com.
About InterRent
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InterRent is a rapidly expanding, growth oriented real estate investment
trust engaged in building unitholder value through the accretive acquisition,
ownership and operation of strategically located income producing
multi-residential real estate, with 2,860 apartment suites under ownership and
484 suites under contract, for a total of 3,344 apartment suites.
This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "anticipated", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
InterRent is subject to significant risks and uncertainties which may cause
the actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by
the forward looking statements contained in this release. A full description
of these risk factors can be found in InterRent's publicly filed information
which may be located at www.sedar.com. InterRent cannot assure investors that
actual results will be consistent with these forward looking statements and
InterRent assumes no obligation to update or revise the forward looking
statements contained in this release to reflect actual events or new
circumstances.
%SEDAR: 00024552E